FINRA: End sought to inability-to-pay defense
The SEC is seeking comment on a Finra proposal to eliminate the so-called inability-to-pay defense in arbitration cases.
The SEC is seeking comment on a Finra proposal to eliminate the so-called inability-to-pay defense in arbitration cases. The proposed rule amendments essentially would mean that if a member failed to pay an arbitration award within 30 days of the arbitration proceeding and Finra pursued expedited actions against the member, the inability-to-pay claim would no longer be a valid defense. More details and information on submitting comment can be viewed here.
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